Tax season begins Friday, February 12! This means that starting from that date, the IRS will accept and process 2020 tax returns. Here are some tips you should keep in mind to ensure that your tax filing experience is smooth, agile, and stress-free.
The IRS recommends that all taxpayers consider these tips as they prepare their tax return:
- Combining electronic filing with direct deposit ensures that you get your refund as soon as possible.
- Don’t count on receiving your refund by a specific date, especially if you plan to use that money to pay bills.
- Remember that unemployment compensation is taxable
The Documents You Should Gather
This is the right time to get your tax records in order, so make sure to have all the documents that apply among the following:
- Any receipts, canceled checks, and other documents that support an item on your return.
- Forms W-2, Wage and Tax Statement
- Form 1099-MISC, Miscellaneous Income
- Form 1099-INT, Interest Income
- Form 1099-NEC, Nonemployee Compensation
- Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund
- Form 1095-A, Health Insurance Marketplace Statements
Other Important Tax Dates to Keep in Mind
In addition to February 12, other important dates that taxpayers should keep in mind during 2021 include:
- Thursday, April 15. Due date for filing 2020 tax returns or requesting extension of time to file.
- Thursday, April 15. Due date for paying 2020 tax owed to avoid owing interest and penalties.
- Friday, October 15. Due date to file for those requesting an extension on their 2020 tax returns.
More Tips About Taxes
Interested in learning more about taxes? Then you’ve come to the right place! Here are some previous posts you may find interesting.
- 4 Steps you can take to start preparing your 2020 tax return
- How to make tax filing easier this 2021
- Keep in mind these ideas when you file your taxes
- We debunk 4 common myths about tax returns
- Don’t forget this essential step if you are starting a new business
Contact the Experts at JT Tax Services
At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.
We are located in Oxnard, California. Contact us today by email (email@example.com), telephone, or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.